Kolkata, July 17
Union Bank is positioning its new fixed deposit scheme - Union Double - against such conventional investments as NSC, Mr Nair indicated, adding that the FD will enable depositors to double their allocations in 8 years 9 months. The rate of interest offered is 8 per cent per annum.
"This is comparable with what is offered by Government of India bonds and post office deposits," he said while referring to the scheme's main features. The offer - annualised yield: 11.43 per cent - will be available till July 31.
"We did not offer bundled services like insurance with it as this would have made it quite expensive," he said. However, overdraft facility will be made available.